a developing story the gulf coast starts to clean up from a deadly hurricane that would be harvey a crucial east coast fuel pipeline shut down by the storm is set to reopen by this weekend. and jobs in america. investors in wait and see mode ahead of the big employment report and the summer of stocks the dow and s&p with on a five-month winning streak. it's friday, september 1, 2017 "worldwide exchange" begins right now. ♪

good morning welcome to "worldwide exchange." i'm courtney reagan. >> i'm dominic chu in for wilfred frost. let's get to the market action we have futures showing a bit of stability ahead of that big jobs number check out what's happening with the stock futures. the s&p up by 1 point. the dow indicating a 39 to 40 point open and the nasdaq up by 5 points. the ten-year treasury note yield, always a focus with the jobs number, check out yields there. we have been seeing a downtrend as of late 2.12% the last trade there holding relatively steady. this could be a big mover if we get a big or disappointing jobs number >> that's true we have about 3 1/2 hours until we get that jobs number. as we begin a new month of trading, let's check out the august score card. the dow and s&p finished higher to extend their winning streaks

to five straight months of green arrows the nasdaq gained a bit more than a percent in august the ninth positive month in the last ten the best performing sectors with information technology and utilities. the worst was energy as for the year so far, here's how the major u.s. indices stand. the nasdaq leading the way, up more than 19%. the dow higher by 1 1% the s&p up 10%. let's look at what happened overnight in asia. it could set the tone for trade here the nikkei in japan, up by a quarter of a percent the shanghai composite up by 0.2% the kospi in akz osouth korea oy a quarter percent. in europe, generally speaking to the upside green arrows across the board.

the dax up by 0.50%. the cac, up by 0.75% for now, signs that europe is trending higher. >> we always like to check in on currencies around the world. let's look at the dollar on thursday weaker hitting about 92.69. that was for the dollar. if you can look here, the euro is weaker here against the dollar, ever so slightly remember that euro hit that 1.20 mark earlier in the week that was a 2 1/2 year high. so we're still down from that at 1.19 the u.s. dollar is stronger against the yen. just bang-on flat as wilfred would say, the pound against the dollar let's look at gold prices. up more than 4% for the month of august this morning we are just ever so slightly higher there. that's a trade we'll continue to watch. that's one that's been more reactionary to the tensions that are going on with north korea. >> you can see there that 1300 level for gold prices has been a double top

it's been trying to break through that if we are on pace now, it's about 14% to the upside for gold prices if we continue this pace t would be the first time in six years that gold will outperform the s&p 500. this is like you said driven by some geopolitical risks out there. north korea will be a big part of that story going forward. now to the latest on the cleanup efforts following hurricane harvey many texas residents are starting to return to their homes to survey the damage major disaster declarations have been made in 30 texas counties and five louisiana parishes. chemicalmaker arkema says it expects more fires at its plant in crosby. the u.s. chemical safety board launched an investigation. the port of hughes season reopening to ships today officials say there was no evidence of flooding in terminals and no visible damage to containers.

the port of galveston also expects normal operation there's that port to resume today. this rebuilding effort is starting to take shape we can only hope it progresses in some smooth fashion >> starting, but return to normalcy is down the road. >> months if not years >> something we'll have to follow colonial pipeline says its critical northeast fuel line will reopen by this weekend. earlier this week the country's biggest fuel transporter announced it was shutting down lines due to harvey related issues yesterday the company said it was able to keep lines operating intermittently east of the flood zones. you can see wti crude is down a percent. we had been down earlier in the week, but then sort of regained a bit yesterday. you can see the price of brent is also lower by 0.9%. rbob k bshgb gas, up sharply ye,

14% for the september contact. now we're into the october contract, down 1.2%. >> just as you thought things were getting better. there's a new hurricane brewing in the atlantic ocean. the storm's name is irma she's a category 3 hurricane pack 115-mile-per-hour winds irma is headed towards the caribbean now. the national hurricane center says the forecast model shows the storm heading for puerto rico and the dominican republic and haiti with possible landfall by the middle of next week so this is something we'll keep a close eye on the gulf coast ones hitting those refineries a lot but a lot of damage could be done if this works its way past the caribbean up towards the eastern seaboard of the united states >> haiti has been hit pard hard number of natural disasters. the labor market will be front and center today that august jobs report due out at 8:30 a.m. eastern time. non-farm payrolls are forecast to rise by 179,000 following an

increase of 209,000 in july. the unemployment rate is expected to hold at 4.3% there's plenty of other economic data today the august ism manufacturing index, that's out at 10:00 a.m. along with consumer sentiment and july construction spending also today, don't miss a first on cnbc interview with president trump's top economic adviser, gary cohn. that's at 9:35 a.m. eastern time on "squawk on the street." that's a major highlight, not just for us on cnbc but for wall street in general. >> he will talk about the jobs number, the reaction from the administration to that jobs number you have to imagine a lot of questions asked about the machinations, what's going on in washington, and mnuchin's interview with steve liesman about tax reform something we will watch. in corporate news, lululemon posting better than expected results. landon dowdy has more. athleisure is not dead, is it?

>> this is pushing back on the death of athleisure. shares of lululemon moving higher after second quarter results driven by same-store sales. the apparelmaker posting earnings of 39 cents a share compared to 36 cents the street was forecast revenues topping 5$581 million same-store sales up 7%, well above the 4.2% projected after a rough start to the year, lululemon's ceo says the boost in the quarter enables us to take another positive step on our path to achieving $4 billion in revenue by 2020 look at the stock. shares struggling, down 20% in the past year. the stock is up about 6% nearly trading. back over to you >> thank you very much lululemon is a big focus later on this morning, don't

miss lululemon's ceo on "squawk on the street. that's at 10:00 eastern time are you a lulu wear ir >> i have a bit. >> so, do i. i wear the lululemon abc pants and shorts, because i was told they are great for my golf game. >> are they? >> they are. this is not in any way, shape or form indicative of golfers out there. >> i heard the men who give lululemon a try seem to be happy with it. >> we have a number of other stocks to watch today. shares of tech data down sharply. the distributor of tech products reported second quarter earnings that fell short of forecast. the company forecasting third quarter profit below expectations tenet healthcare says its chairman and ceo will resign next march the company is dealing with

pushback from an activist investor over its corporate strategy a standstill agreement between tenet and glenn view expires today. shares of tenet higher by more than 3% on that news. palo alto networks reporting better than expected results the cybersecurity firm added a record number of new customers demand for services have risen since that wannacry ransomware attack more stocks to watch here. shares of nutanix higher today results beat forecast. billings rose by 40% the company is projecting first quarter revenue above analyst estimates. ambarella's second quarter earnings and revenue topped forecasts. its chips are used in security

cameras. the company which is a big supplier for ggo pro is forecasting revenue in line with estimates. volkswagen is looking to double its market share to 5% with a push of suvs. the automaker will introduce two new suvs a year for the foreseeable future the tiguan and taruig. >> i had a jetta and passat. samsung getting approval from california to test sell-driving cars on roads other companies with testing permits in california include apple, vidia, and gm.

tesla received a labor board complaint over workers rights. the agency says the company violated rights by making them sign a confidentiality agreement that forbid them talking about safety issues. tesla must respond to charges by september 14th uber snagging the founder of fire fox, blake ross, also a form executive at facebook he is joining uber to develop product strategy ross confirming on facebook he worked with uber part-time from l.a. he's been outspoken about uber on social media, previously suggesting that brett taylor become ceo tech ceos are speaking out today calling on president trump and congress to preserve the deferred action for childhood arrivals program, also known as dreamers the business leaders created a website exclusively for an open letter addressing government

leaders, urging them to preserve the policy the letter has been signed by more than 350 executives including tim cook, jeff bezos and mark zuckerberg. it reads in part dreamers are vital to our future and future of our companies and economy with them we grow and create jobs they're a part of why we continue to have a global competitive advantage. in other news, a texas federal judge striking down an obam mra administration ovbama administration pay rule which would have extended overtime pay to 4 million u.s. workers. under the rule all workers receiving less than $47,000 a year would be eligible for extra pay when they work more than 40 hours a week coming up, energy is in focus. we'll continue to move forward with that. gasoline prices swinging wildly this week as hurricane harvey

roil the oil industry. first, as we head to break, check out european equities. higher arrows across the board on this 1st day of september you're watching orwi"wldde exchange" on cnbc. another day of work. why do you do it? it's not just a pay check, you actually like what you do. even love it. and today, you can do things you never could before. ♪ ♪ you're developing ai applications on the cloud. finding insights hidden in decades of medical documents. and securing millions of iot sensors. so get back to it. and do the best work of your life. ♪ ♪

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tick futures, up about 34 points for the dow, the s&p up by 2 points, and the nasdaq up by about 6 points the oil market, wti crude, $46.82 almost a percent off and ice brent off by 42 cents, $52.44 the last trade there. similar percentage drop, courtney we'll talk more about the energy markets with john kilduff, a cnbc contributor. thank you very much for joining us here today. a lot to talk about in the oil and energy markets i wanted to talk about what's going on with gasoline so the september contract, that just expired now we're moving into october. up 14% yesterday for that september contract now down slightly what do you make of the price of rbob now? >> a that was a function of concern in the market and getting sufficiency of fly to the retail level companies were able yesterday to

use that contract to take delivery of gasoline now over the next couple of weeks it was a source of supply. a lot more of those contracts went to exploration, delivery in the futures markets, that caused the spike up yesterday it was a commodities squeeze. more demand, more desperation for that product i want to say we are -- there's gasoline in storage above average. there's enough gasoline. you may not like the price you're paying, but there's no reason for any kind of panic to ensue. yesterday in dallas, that was just a ridiculous situation. you saw the downside of social media where people thought they were running out of gasoline those stations are in process of getting filled up today. there is gas in storage. above average amounts. plentiful amounts. it's just that things will get tight. that's what commodity markets do they're a self-correcting mechanism. the economics of this are things are getting tighter. the gallons on hand ar

precious and valuable to prices go up. >> that suggests that in the coming weeks prices should come back down and certainly by the time fall rolls around >> no doubt two things going for us here. demand comes down now after labor day passes that was the other problem with the timing of this storm and the expiration of that contract. this is a peak weekend also now we are switching over to the winter blend of gasoline. easier to make more of a uniform distribution across the country not all the spots in the country use the summer grade of gasoline refiners have go into almost boutique mode. >> wti prices under pressure again today. yesterday they were higher, which sort of reversed the trend we saw earlier in the week was that a function of short covering what was going on there? we know that product is not getting into a quarter of the refineries because they're

offline because of harvey. >> that was a function of strength of gasoline yesterday a relative value if cake goes through the roof, the price of flour will be more valuable even though nothing changed noor commodity xh for t. also we are getting the report card on opec production for august looks like they did trim production by 300,000 to 400,000 barrels based on the few surveys i have seen. >> if opec is sticking to their production targets, we see the u.s. still cranking out oil from the shale producers here, what exactly is the supply concern, if any, on the u.s. side of things did the storm have an impact on u.s. supply? >> i think the situation is what it was before the storm. downward pressure on prices, downward remember sure on crude oil prices refiners typically going into mabs now th maintenance now this time of

year but that will help the overall situation and work to push prices down. we go into a -- a shoulder demand season now. not until we see courtney back at the malls in a few weeks does the gas leap demand pioline demp during the holiday season. >> thank you very much coming up, the countdown to the employment report, that big jobs number. forecasters say the economy likely added 1 79,000 jobs last month. stay tuned, you're wchating "worldwide exchange" on cnbc you. your joints... or your digestion... so why wouldn't you take something for the most important part of you... your brain. with an ingredient originally found in jellyfish, prevagen is now the number one selling brain health supplement

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vladimir putin is calling on the united states and others to avoid going down what he calls a dead-end road with north korea the russian president argues only direct dialogue without preconditions can resolve the crisis in north korea. akiko joins us now from tokyo. there has to be a sense from the japanese people and government that there has to be more aggressive action being taken especially as missiles fly over that sovereign territory, right? >> that's the case, but those comments from vladimir putin about dialogue could be a nonstarter for the japanese. prime minister abe maintained he doesn't believe in dialogue for

the sake of dialogue earlier this week, we saw the itself and japan call for an interfla international embargo on oil to north korea. there is more on japan to do more on standard sanctions in light of the most haven't missile launch that went through japanese airspace. we asked what the government meant by saying all options are on the table and whether that included military action. >> in theory, military action and dialogue included in the so-called all options, but it is common knowledge that the japanese armed forces cannot get in engaged in offensive action of any kind to north korea dialogue also may be one of the options. way down the road. but now is the time for the member nations and the

international community to pressurize more. >> all of this comes as the japanese government looks to boost its defense spending for a sixth straight year, specifically the defense ministry is looking to invest $1.6 billion in new missile defense capabilities, that would raise the defense budget by 2.5% to 48$48.6 billi. reports of that has raised questions over in china, with the chinese government questioning japan's intentions we heard from the foreign ministry saying all sides should remain highly vigilant over japan's actions and real intentions we think japan should explain its intentions to the international community. back to you. >> thank you very much for the latest on the ground there from tokyo. this is a huge story, just from the geopolitical side of things. the markets have not fully reacted to this threat >> except maybe the price of gold >> we will wait to see whether or not there is any kind of

progression in the way the markets are handicapping what's happening with north korea, japan and everything else in that region. >> surprises me that we haven't had more of a reaction. coming up, the top stories and a round up of the global markets. we'll tell you how instagram is trying to up its stories game. here's a hint, put down your mobile device, it's about an old-fashioned computer you're watching "worldwide exchange." the stakes are so high, your finances, your future. how do you solve this? you don't. you partner with a firm that advises governments and the fortune 500, and, can deliver insight person to person, on what matters to you. morgan stanley. you give us comfort. and we give you bare feet, backsweat,

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harvey's aftermath, a massive cleanup in texas is underway following the deadly storm. we're live in houston. that's straight ahead. markets in focus futures pointing to a higher open ahead of the jobs report. and a colorful controversy prince's sisters are battling it out over an important detail of the late singer's legacy it has the internet taking sides. it's friday, september 1, 2017, you're watching "worldwide exchange" on cnbc. ♪ good morning welcome to "worldwide exchange" on cnbc. i'm courtney reagan in for sara eisen. >> i'm dominic cheu in for wilfred frost. it's a busy day. >> it is a busy day. let's check on the global markets this morning

futures, the implied open is pointing us higher if we were to open now, the dow would be higher by 43 points s&p would log a slight gain. the nasdaq would be higher for august, the dow and s&p closing higher for five straight months the nasdaq higher for 9 out of 10 let's look at the ten-year not a lot of movement here ahead of the jobs report we'll see if that changes once the numbers are out. just hardly changed at 2.124 important for stocks, because august is seasonally a weak month for stocks the asian equity side of things, the nikkei moved up by 0.25% the hang seng and hong kong about flat the kospi off by 0.25% as for europe, last half hour things were green across the board. let's see if it's staying that way. the dax moving higher to the

upside by a half percent the cac up by a full percent the ftse 100 in the uk up by a quarter percent. let's look at the broader markets. colonial pipeline says its critical northeast fuel line will reopen by this weekend. earlier this week the country's biggest fuel transporter announced it was shutting down lines related to harvey issues the price for wti crude is down about 1% we were higher yesterday, but lower before that for the week for august, wti is seeing the steepest monthly loss since august the dollar doing better here this morning compared to yesterday. we were watching it against the euro right now at 119 earlier in the week that hit 120. that was a 2 1/2 year high let's look at price of gold. gold is one of the market movers that has reacted a little more to the tensions in north korea we discussed it in the last half hour we're slightly higher here

today. but gold is up more than 4% for the month of august. today is a whole new month with september being a seasonally tricky one >> that means gold mining stocks have gone up as well now to the latest on the cleanup efforts following hurricane harvey many texas residents are starting to return to their homes to survey the damage major disaster declarations have been made in 30 counties and five parishes. arkema says they expect more fires at their plant today there were two explosioned there yesterday. the port of hughes season reopening to ships today officials say there was no ef of flooding in terminals and no visible damage to containers the galveston port also expects normal operations to resume today as well. contessa brewer joins us live from houston this morning you guys have been working around-the-clock, you're on the ground there's so much going on

tell me what you're seeing and what it's been like now five days after the storm initially hit texas. >> courtney, there are so many stories here to tell a block away from where i'm standing, the buffalo bayou is still flooded, making the street there impossible to cross. and you come to a residential neighborhood, you find mountains of debris. look how hi you're talking about water 15, 20 feet high from the ground they're throwing this stuff out now. this scene is being played out over and over again, from corpus christi to beau moumont 325,000 people have appliedtor fema assistance. rebecca just bought her home she's one of the 80% of harvey victims who don't have flood

insuranc insurance. >> i'm already starting to clean up other people are expected to be under water for another month. so this is nothing i can begin the process. >> rebecca's car was also flooded here we saw so many vehicles submerged in harvey flooding and abandoned on roadways. and solara which processes claims, says 500,000 vehicles in tech texas alone were likely damaged in flooding. many of those abandoned in flooding waters are clogging roadways the houston police chief told me clearing the streets is one of the challenges now for public safety crews >> they'll be looking to make sure there's no hazards as they make entry, to make sure we haven't missed anybody that needs rescued and to recover bodies i'm just praying that we don't

end up finding more bodies we know we will. >> as many parts of houston return to business and construction crews are quickly hired to come out and help with some of this demolition job, we know other businesses are still having to go in and help rescue their clients. we'll be out later today with a dialysis company that has to go in to get a patient to deliver him to a clinic for dialysis, watching this unfold on the backdrop of a big city returning to work. >> just a quick follow-up. we saw brian sullivan out with tillman yesterday in houston talking about some of the businesses trying to get back on their feet louis houston the fourth biggest met throw area in the united states. tell us what you're seeing how those business owners, restaurants, bars, are trying to get back to some sense of

normalcy in many places the stop lights are back on. in some places they're not you have to stop and think is this one working is this one not? you need to gauge whether or not you can go through a red light because it won't change to green. i was with brian yesterday when he was conducting that tillman interview. so we're in one of his restaurants that is serving lunch, it's turning out pizzas for first le spond responders next door was gymboree selling kids clothes people were in there shopping. the next door over, they were drying out some moisture on their floor, because it whole area, kroger, gap, anne taylor, those were places where people were trying to get back to daily life in other areas you saw whole strip malls shut down. not because they were flooded, but probably in large part

because employees couldn't get back to the business of reopening the stores that makes sense enough, contessa stay safe for us. among the top trending stories, j.j. watt's hurricane harvey relief fund reached $13 million. the campaign started on sunday with a goal of raising 200,000 watt continuing raising the target as more and more help rolls in several other athletes and team openers offered their support including the tennessee titans owner, the new england patriots and jets ellen degeneres surprised watt with a $1 million donation on her show this week this is the stuff i love, when you see america coming together, neighbors helping neighbors, strangers helping strangers. >> he's also one of the most visible celebrities tied to the city of houston. >> yes >> this is a man whose nfl career has not been all that long yet >> that's true

>> he's made such a human impacts asimpact as a player now and as a person of the community outstanding. moving on, it looks like michael dell may be planning something big for the victims of hurricane harvey the ceo yesterday saying very soon susan and i will announce an unprecedented response focused on the long-term support for our neighbors in need. he added a texas sized disaster deserves a texas-sized response. dell is one of the most high pro file companies in the state of texas. >> really interesting. would love to see everybody helping from football stars to entrepreneurs, business leaders to just neighbors helping each other. instagram is upping its stories game the social media platform is allowing users to break free from the app to post stories on the web. instagramers can see stories

using their desktop browsers interesting. so many of us use our mobile devices all the time to say look at instagram there's been times where i didn't realize that it didn't work the same way on a desktop >> the thing about instagram, it's been a mobile centric thing. you take your smartphone, post those pictures, view them on there. when i click on links and other platforms to instagram t just looks different. >> it used to be websites first, they had to make the app, now it's going the other way like stores, online, the whole thing. >> we can go on and on about that one. prince's sisters are battling it out over the late star's favorite color and what it was the singer's sister tyka telling the london evening standard that despite being associated with the color purple, prince's favorite color was orange.

now his half sister, sharon, is speaking out she's told the associated press that contrary to what's been said, purple was and is prince's color. >> purple rain >> i just think -- i always see him in purple. >> we always do. coming un, a word of caution from one of the world's best known central bankers. stay tuned you're watching "worldwide exan" cnbc. happy anniversary dinnedarlin' can this much love be cleaned by a little bit of dawn ultra? oh yeah one bottle has the grease cleaning power of three bottles of this other liquid. a drop of dawn and grease is gone.

welcome back to "worldwide exchange." european heads of states, top economists, business leaders and others are gathering for an annual event in italy. that's where we find steve sedgwick i've seen a lot of high-profile people coming through that spot you're at what is going on and why are these people getting together and what are they saying >> it's a very up fluent initial meeting. we drag all the key people out, and we get what they're seeing let me tell you what i've heard. let's start off with jean-claude trichet, the former boss of the european central bank and the ex-governor of the bank of france he's optimistic. that's the good news about the european economy it's going well and creating jobs let's listen in to what he to say. >> the real economy in europe is picking up now visibly

and i hope for a long period of time there's a lot of positive in this respect we see that we have created 6 million jobs over the last three years. things are going well in all dimensions >> for once i'm going ing atten one of these big conferences and people are saying europe is okay it's moving in the right direction what does that mean for interest rates i spoke to jacob francoeur, he said don't worry about normalizing for the sake of normalizing, worry about not normalizing. u.s. corporates have 13$13.7 trillion of debt i heard from the former ambassador to the united states for saudi arabia, he said 21st century crisis resolution mechanisms including the u.n., they're not equipped for 21st century crisis good news on europe, worrying

news on rates and geopolitics. back to you. >> steve sedgwick, thank you very much for that update. coming up, the countdown to the jobs report. we'll tell you what you should be watching for. that's coming upft t aerhe break. oing? um... who are you? i'm val. the orange money retirement squirrel from voya. i represent the money you save for the future. see? we're putting away acorns to show the importance of being organized. that's smart. who's he? he's the green money you can spend now. what's up? oh you know, gonna pay some bills, maybe buy a new tennis racket. tennis racket for a squirrel? he's got a killer backhand. when it's time to get organized for retirement, it's time to get voya.

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we're approaching the top of the hour that means the team is getting ready for "squawk box. becky quick has a look at what's coming up. what a week it's been. you guys are not done yet. >> great to see you guys we're still going to be continuing following up what's happening with harvey down in houston, down in louisiana, all of the developing situations there. scott cohn and con tess ta brewer on the ground we will talk more about arkema, and how more chemical reactions are expected today we'll also talk about the

donations picture with the chairman of the houston air troe astros, james crane. we will talk about how they are helping. and it's jobs friday we'll talk jobs, jobs, jobs, trying to figure out the picture along the way. we have larry kudlow, james liu, and we'll analyze those numbers and give you instant analysis. that's at 8:30 that jobs report. also we'll talk about the u.s. open today brad gilbert will be here in the house talking to us about what he says shaping up of that traditional labor day weekend event that we all pay so much attention to a lot happening today. back to you. see you in a few minutes >> thank you very much appreciate it. it will be a good show keep tuned in to cnbc for "squawk box." >> absolutely right.

the u.s. open a big deal in new york as well u.s. equity futures pointing to another positive open. the s&p up by 1 point, the dow up by 40 the nasdaq up by 3-points. joining us now is danielle dimartino. thank you very much for joining us you're in dallas, tell us what's happening there in terms of the scheme of whether or not the texas economy is recovering, whether or not things are moving forward and what will happen in the grander scheme of the recovery efforts >> i think it's too early to say. i came back last night, and every gas station from the airport to my home, not a single pump had gas it's easy to see how the damage has percolated throughout the state. if you look at prior hurricanes and the aftermath, will you see

an initial spike in jobless claims, as construction occurs, you will see recovery and a pop in gdp we'll expect that. that's good news the data showed a spike in construction layoffs previously, so if there are displaced construction workers nationwide, they know where to go. >> that's interesting that you mentioned that, diana olich mentioned how there could be a labor for the stage for the type of labor needed down in texas for building do you know the dynamic for who may or may not be available to go down to texas to rebuild? >> in the aftermath of katrina, we did some work at the dallas fed that showed the largest documented movement of construction workers in u.s. history. they will come where the jobs are. it's interesting

the magnitude of the infrastructure rebuild is anybody's guess. we have not even see the water fully recede we know about the damage done to homes. diana has been doing great work on this all week long. we don't know what roads look like underneath and what the immediate infrastructure needs will be. there will be a tremendous pull throughout the nation to bring workers down to the area >> speaking of throughout the nation, a big jobs number coming up with regard to what's going to happen. we continue see any of the real effects from harvey play out in some of these economic data points, at least for right now tell us what we can expect to see from the jobs number is it fair to say the u.s. economy is on solid footing? we saw a great gdp print 3% we're growing in the past quarter. is it fair to say the balance of economic data is tilting towards the positive side of things? n >> we've seen a strong run of upside surprises and non-farm payroll.

i will play a contrarian i think we might see an undershoot on the unemployment rate by the same token i'm not sure we will see the strength that so many are anticipating in job creation figures i follow an arcane little statistic called job repostings. it basically is the persistence that employers have in terms of filling open positions we saw a spike up in that after the election we have since seen that turn back down. so i think we might finally see a downward number. but people continue to come off the sidelines, there also might be a downtick in the unemployment rate this morning >> you were with the dallas fed. you have an insider's crew of the way the fed may be thinking. i think odds of a december rate hike at this point are 30%, 31% if the number is stronger than maybe you think it will be or stronger than what expecttatio s

expecttations, does that meecan the fed will go ahead with a hike >> remember this is the last payroll report before they meet. >> yep >> this is going closer to shrinking the balance sheet at september meeting, followed by a press conference if we get a strong number this morning, that would embolden the fed not to just discuss shrinking the balance sheet, but to proceed with that. it would be the third year in a row that the fed was anticipated to do something but waited to pull the trigger >> steven mnuchin trying to lay out his ideas for tax reform, the debt ceiling debate, how will that play out in terms of the economic data and what the fed watches as it goes towards hiking of rates late their fall

and winter >> everybody today will have their eyes on the labor report i will watch the university of michigan consumer confidence number if the stagnancy in washington, d.c. continues, my concern is that confidence is going to start to come off this 16-year high i'm with warren buffett on this one. he's of the opinion that tax reform, tax cuts might happen this year because republicans need for it to happen. i will go with him on this he's far away from d.c. let's hope something gets done before the end of the year >> mnuchin said he has his eye on the end of the year thank you very much for joining us >> thank you before we go, a quick sports story. i have to sneak this in. the college football season kicked off last night with match-up featuring one of the top schools in the country, the ohio straate university

they were take on indiana the number two ranked team turned up the heat after a sluggish first half, with j.t. barrett connecting with paris camible. ohio state did not look back after that, going on to beat the hoosiers 49-21 their home opener is next weekend against oklahoma we have ten days to rest up. i got the fight song fired up. we have a great new running back freshman watt watch out for him >> you have a future doing play by play, i think >> i'm in. i will not be impartial is the thing. that's the issue can't do it. i won't get involved in the big ten discussion great win by ohio state. we want to highlight a few things to watch today. the dow look like it will open up by 40 points. another check on the ten-year treasury note yield, 2.12% that's it for "worldwide exchange." stay tuned because "squawk box"

is coming up next. happy labor day weekend.

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good morning developing story the gulf coast starts to clean up from hurricane harvey a crucial east coast fuel pipeline was shut by the storm, that will reopen this weekend. and it is jobs friday. they were scrambling because it's september 1 st, already got the august numbers we'll get you ready for that jobs report. markets are in focus futures pointing to a higher open ahead of the big report on employment nasdaq has been strong four big days. full market rundown straight ahead. it's friday, september 1, 2017

"squawk box" begins right now. ♪ live from new york where business never sleeps, this is "squawk box. good morning, everybody. welcome to "squawk box" on cnbc. we are live from the nasdaq market site in times square. i'm becky quick along with joe kernen andrew is off today. check out u.s. equity futures on this 1st day of september. the calendar actually says september. >> ugh >> dow futures up by 40 points s&p futures up by a point. the nasdaq up by 3 1/2 it comes after a strong month for the month of august. let's check out the august score card the dow and s&p 500 finishing fractionally higher. big gains yesterday. they extended the winning streaks to five straight months of green arrows.